Lower Taxes, More Problems? Unpacking the Impact of AB195 on California’s Cannabis Industry
New Regulation: Statutes, Pillars, and the Build Back Better Act
The Tax Legislation Process and What to Expect in 2022
2021 House Ways And Means Tax Proposals
Federal Regulation and Cannabis: Will Uncle Sam and Aunt Mary Jane Live Happily Ever After?
The Biden Tax Plan
Videocast: 2020 – The year of digital taxation
Podcast: State Taxation of Digital Health Products
The Tax Reform Act of 1986 (the “TRA 86”) was signed into law by President Ronald Reagan on October 22, 1986, exactly 38 years ago today. TRA 86 was sponsored by, among others, Representative Richard Gephardt (D-Missouri) in...more
I have reported in several prior blog posts the significant events impacting the newly enacted Washington state capital gains tax. The turbulent ride of this legislation continues!...more
Discover the latest global developments and planning opportunities to stay ahead of the curve at McDermott’s Tax Symposium 2024. Join us in Chicago for a full day of programming designed to equip corporate tax leaders with...more
The Vermont House Committee on Ways and Means is actively exploring a proposal to become the first state to enact mandatory worldwide combined reporting for corporate income tax purposes. While legislation has not been...more
The U.S. House of Representatives overwhelmingly passed legislation this week that is predicted to finance hundreds of thousands of affordable housing units, helping New York City and state housing agencies struggling to meet...more
A potential bipartisan deal could bring the “Low-Income Housing Tax Credit (LIHTC) Fix” back to life and, with it, the possibility of a new wave of affordable housing deals....more
The Long-Term View- Among its core functions, federal tax policy seeks to encourage those behaviors among businesses that, in the long run, will have a lasting positive effect upon the nation’s economy as a whole. ...more
Join Williams Mullen for our Fall Tax Forum on Thursday, November 9, 2023. Our speaker, Kyle Wingfield, will provide an annual review of Virginia tax developments, including key court decisions, administrative rulings, and...more
The IRS completed the “Dirty Dozen List” for 2023 and while there were a few hold-outs from previous years, there were several new warnings in the offering for 2023. The first warning focused upon the aggressive promotion...more
1. EXEMPTIONS - A. Equipment Used in Production of Crude Oil and Natural Gas: Stingray Pressure Pumping, LLC v. Harris, Slip Opinion No. 2023-Ohio-2598. Reversing the BTA, the Court determined five categories of...more
Join experienced tax practitioners from across industries to network, exchange ideas and explore strategies that can help your business make more informed decisions. Our full-day program features panel discussions and...more
The start date for the Alabama Legislature’s 2023 regular session is near: Tuesday, March 7. As we do annually, here are some of the major items of business tax legislation we expect to see in the upcoming session...more
ARIZONA TO IMPLEMENT 2.5% FLAT TAX AHEAD OF SCHEDULE - Governor Doug Ducey announced that Arizona will implement its new 2.5% flat income tax rate on January 1, 2023, a full year ahead of schedule. According to Gov. Ducey,...more
Legislators this week began work on the budget bill and acted on a variety of bills. Budget Work - As a first step in the 2023 budget bill process, legislators this week met jointly in Appropriations Committee...more
Last Friday, December 30, 2022, during the final hours of the 117th Session of Congress, the House Ways and Means Committee – through which all tax legislation passes – released redacted versions of six years of Mr. Trump’s...more
Effective January 1, 2022, Washington imposes an excise tax on an individual’s long-term capital gains from the sale of stock, bonds, and other assets exceeding $250,000 if the assets were located in Washington at the time of...more
California has finally enacted a law, AB195, that provides tax relief for cannabis distributers. But what might seem at first glance to be a win for the cannabis industry potentially complicates things for retailers and...more
In a stunning about-face, after missing their July 31, 2022 midnight deadline, in the early morning hours of August 1, 2022, the Massachusetts legislature announced that they had failed to pass an economic development plan...more
On July 27, Senate Democrats released the draft text of the Inflation Reduction Act of 2022 (the Act). The Act includes a number of climate and energy-related provisions similar to those that were included in the Build Back...more
For tax years beginning on or after January 1, 2023, affiliated groups may elect to file a consolidated Georgia income tax return without having to seek the permission of the Georgia Department of Revenue. The principal...more
Understanding how solar and energy storage projects are taxed in Virginia is often confusing. Who assesses the value? What is the rate? Are any tax exemptions available? What is the revenue share?...more
As I previously reported, the Washington state capital gains tax has had a turbulent ride, commencing with a rough ride through the legislative process where it almost hit disastrous terrain on at least six (6) occasions....more
In the new episode of our tax podcast, “GILTI Conscience,” partners Nate Carden and David Farhat speak with Skadden of counsel Paul Oosterhuis and associate Huzefa Mun about tax legislation, including how the potential...more
In the new episode of Skadden's "GILTI Conscience" podcast, partners Nate Carden and David Farhat talk with about the "art" of drafting and passing tax legislation with Loren Ponds, a former tax counsel for the House of...more
Legislative Lowdown - BBBA Comeback? President Biden’s first State of the Union address appears to have reignited discussions around a revised version of the Build Back Better Act (BBBA), though the president did not...more